Adani Portfolio: Credit Ratings 9 EBIDTA: Earning Before Interest Depreciation & Tax I IG: Investment Grade rating by Moody’s/S&P/Fitch I APSEZ: Adani Ports and Special Economic Zone Limited | ATL: Adani Transmission Limited | ATGL: Adani Total Gas Limited | AWL: Adani Wilmar Limited | AEL: Adani Enterprises Limited | AGEL: Adani Green Energy Ltd. | APL: Adani Power Limited | Ind Ra: India Ratings | BWR: Brickwork | RGs: Restricted Groups Quality of EBIDTA Mix Portfolio Ratings A 36% 17% 47% 19% 43% 38% Mar 2013 Mar 2016 41% 7% 50% 1% 1% 2% Sep 2022 AAA AA IG BB Unrated BBB Domestic Global International Ratings • At a portfolio level, there are ~ more than 100 entities/RGs rated by 3 Global and 7 Domestic Rating Agencies across portfolio which constitute nearly 100 % of Portfolio EBITDA . Listed Entities Domestic Rating Agencies INR Ratings Ambuja / ACC CRISIL AAA/Stable APSEZ Ind Ra, ICRA AA+/Stable ATL Ind Ra AA+/Stable ATGL ICRA AA - /Stable AWL CARE AA - /Stable AEL CARE, BWR A+/Stable AGEL Ind Ra A+/Stable APL CRISIL, Ind Ra A/Stable, A/Positive Domestic Ratings Listed Entities International Rating Agencies Global Ratings APSEZ Moody’s/S&P/Fitch Baa3/BBB - /BBB - (Outlook – Stable) ATL/RG’s Moody’s/Fitch Baa3/BBB - (Outlook – Stable) AGEL/RG2 Moody’s/Fitch Ba3/BBB - (Outlook – Stable)